NAIROBI (CoinChapter.com) — An early investor in the Pepe (PEPE) cryptocurrency has struck gold, raking in a staggering $3.6 million profit as the memecoin skyrocketed to new heights.
An early buyer of Pepe (PEPE) deposited 250B PEPE worth $2.67 million into Binance for profits 55 minutes ago. This investor initially bought 474.95B PEPE for just $1,000, resulting in an impressive profit of around $3.6 million. The transaction highlights the growing interest in PEPE, as the coin’s value continues to surge.
According to on-chain data from Lookonchain, an early PEPE investor deposited 250 billion PEPE tokens into Binance. These tokens, valued at $2.67 million, were deposited just 55 minutes before the coin’s meteoric ascent.
This strategic move paid off handsomely. The investor initially acquired 474.95 billion PEPE tokens for $1,000. This remarkable investment has now yielded a jaw-dropping $3.6 million profit.
Surge Fueled by Roaring Kitty’s Return
This explosive price movement for PEPE can be attributed to the return of “Roaring Kitty.” Keith Gill, known as “Roaring Kitty,” has been dormant on social media since June 2021. On the night of May 12th, Gill’s account posted an enigmatic image. Users on X and Reddit widely interpreted this as a signal for intense focus and concentration. This period is colloquially termed “locking in.”
Gill’s resurgence reignited memories of the 2021 meme stock frenzy. During that time, shares of GameStop and AMC Entertainment surged over 1,000% by year’s end. Notably, GameStop’s memecoin on the Solana blockchain skyrocketed 550% following Roaring Kitty’s return. Meanwhile, the AMC token soared an astonishing 1,200%.
PEPE Price Breaks All-Time High
According to TradingView data, PEPE’s rally decisively breached a critical resistance level that had underpinned its price since March. This area, spanning from $0.00000875 to $0.000010, represents a significant hurdle. Bulls now need to defend it to secure the uptrend. The relative strength index (RSI) is rising, reinforcing buyers’ dominance in the market.
The price movement and trading volume indicate strong investor confidence. The price briefly touched $0.000010175648 before retreating, showing strong selling pressure at this level. The 50-day EMA remains above the 200-day EMA, suggesting a bullish trend. Fibonacci retracement levels highlight key support and resistance zones.
PEPE is in a strong uptrend, as evidenced by the EMA cross and price action near key Fibonacci levels. The immediate resistance at $0.000010175648 is crucial for bulls to break. Sustained trading above this level could lead to further gains. Conversely, $0.000009267732 provides a strong support level. Traders should watch for volume confirmation to gauge the strength of any breakout or breakdown.
The relative strength index (RSI) showed an upward trajectory, reinforcing buyers’ dominance. The price strength at 70 highlighted the bullish momentum. However, a daily candlestick below the ascending trendline at $0.00000875 could see the price drop toward the $0.0000070 and $0.0000080 demand zones, embraced by the 20-day and 50-day exponential moving averages.
